Annapolis-based Chesapeake used its 122-room Holiday Inn New York City Midtown along 31st Street as collateral. At the initial loan closing, Chesapeake was advanced $25 million and will draw down the remaining $35 million to buy the 185-key Hyatt Place New York Midtown South, which is under construction at 52-54 W. 36th St. At the closing, both hotels will collateralize the loan.

Read More at

Related links:

Industries:

Comments

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.